FG, states, LGs share N626.8bn for March

The three tiers of government yesterday shared N626.8 billion as revenue generated for the month of March, 2018. The revenue was lower than the N647.390 shared for February, 2018.

A communiqué by the Federation Accounts Allocation Committee (FAAC) read by the Accountant General of the Federation, Ahmed Idris at the end of the meeting held in Abuja yesterday, indicated that the Gross statutory revenue received was N480.599 billion, which was lower than the N557.943 billion received in the previous month by N77.344 billion.

The shared comprised the amount month’s statutory distributable revenue of N480.599bn; Value Added Tax of N83.700bn and Forex Equalization of N62.528 bn.

Idris said from the net statutory revenue, The Federal Government received N222.392bn representing 52.68 per cent; states received N112.8bn representing 26.72 per cent; local government councils received N86.9bn representing 20.60 per cent; while the oil producing states received N46.389bn representing 13 per cent derivation revenue.

He said from the Value Added Tax (VAT), Federal Government received N12.053bn representing 15 per cent; states received N40.176bn representing 50 per cent, while the local government councils received N28.123bn also representing 35 per cent.

The communiqué noted that the crude oil export sales volume decreased by 13 percent, when compared with the 5.42 million barrels from the previous month, resulting in reduction of revenue from federation crude oil export sales by $33.58 million. However, the average crude oil price increased from $63.08 to $65.72 per barrel.